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Corn Futures 5 to 6 Lower To Begin Week

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Corn futures are trading 5 to 6 cents lower this morning on more moderate Midwest weather. They closed the Friday session with most contracts 5 to 6 1/4 cents higher after a week of losses. Preliminary open interest showed long liquidation, with OI down 2,548 contracts. From Friday to Friday, Sep dropped 5.17%. Spillover buying from soybeans and wheat was supportive at the end of the week, along with Fed easing talk. Cooler Corn Belt temps this week are a negative, helpful as more of the crop reaches the pollination stage. Friday’s Commitment of Traders report indicated that spec traders in corn futures and options were net long 187,260 contracts as of Tuesday. Commercials were net short 522,525 contracts on that date, nearing a record number of short positions (1.134 million). Safras & Mercado expect the 19/20 Brazilian corn crop to total 103.97 MMT.

--provided by Brugler Marketing & Management

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